Mahindra First Choice Wheels Ltd. (MFCWL) announced that it has registered a 50% growth in online vehicle sales through its eDiig (www.ediig.com) platform. The company sold over 55,000 units online in FY14 strengthening its leadership position in the B2B online vehicle auction space. During the year, the company added new clients to its roster and expanded its buyer base to 9,500 buyers in 900+ locations across the country.
One of the innovations made by the company this year was Autoinspekt, an unbiased third party vehicle evaluation report for financiers, dealers, corporates and consumers to determine the condition, quality and value of their vehicles. The Autoinspekt product is a comprehensive cloud based system that provides workflow management, pricing and vehicle condition analytics and data archival. The report covers 53 parameters across 8 vehicle systems of the car and is prepared after physical inspection of the vehicle by a trained engineer of the company.
Its pricing analytics are driven by IBB (www.indianbluebook.com), another Mahindra First Choice Wheels product. Additionally, Autoinspekt offers proprietary vehicle condition analytics encapsulated in a condition grade of the vehicle.
According to Dr. Nagendra Palle, CEO, Mahindra First Choice Wheels Ltd., “The standout innovation during the year is the Autoinspekt product (www.autoinspekt.com). Autoinspekt is an unbiased third party vehicle evaluation report for financiers, dealers, corporates and consumers to determine the condition, quality and value of their vehicles which is generated after physical inspection of the vehicle”.
According to Mr. B Ganeshkumar, Vice President of e-business at Mahindra First Choice Wheels Ltd., “Our institutional customers have found the Autoinspekt product to be a high impact one. It has resulted in an increase in the average number of bids per car and superior conversion for vehicles put up on our auction platform. Buyer feedback has been excellent. With good vehicle representation online, buyers are able to bid on multiple locations, often without inspecting the vehicle themselves – thus leading to significant time and cost savings.”